WHAT’S GOING ON WITH $XEND TOKEN PERFORMANCE?
Dear Xend Finance Supporters,
We realize that for some of you, your most pressing question is, “when Binance?” It’s a valid question, but one that is more nuanced and complex than you might think. As someone who has been in blockchain/crypto marketing since 2017 and survived the downturn of 2018 — when BTC went from $19k+ to -$4k — the trend in sentiment, today, is almost exactly the same as it was back then. As Head of PR for Huobi North America, I saw what happened on the exchange side when a downturn occurs. Token listings get slowed to a crawl, while new user transactions disappear.
As Head of Marketing for Xend Finance, our number one priority is building a product that gets real-world, real-user adoption, as opposed to a product that exists only in the crypto space and forms meaningless “partnership” announcements each week (of which there are many in the blockchain space).
We publicly launched just seven months ago in November of 2020, as the first — and still only — DeFi credit union platform, bringing DeFi and stable crypto savings opportunities to unstable regions around the world. Because of the multi-trillion dollar market opportunity, we are fortunate to have Binance as one of our early investors. That relationship has served us well, as we have frequently gone on the speaking circuit on behalf of Binance and Binance Smart Chain.
https://twitter.com/BinanceChain/status/1387347362645872644
For some of you, the “when Binance?” question is rooted in our token performance. Frankly, our token performance has not been great recently due to the completed token release this month to our investors. While most investors held on to their tokens and have staked, there were a few that immediately sold due to needing funds to operate in a bear market. This was a mistake on our part for not having vetted some of these investors more thoroughly. We trusted them to be supportive during this bear downturn. The good news is that all of our investor’s token allotments have been released through the end of the year.
Once again, our number one priority is onboarding savers to our platform. As a team, we have started onboarding fund managers in different parts of Africa and we have started seeing traction in TVL (total value locked) growth. We grew from $138,000 to over $660,000 in less than one week and we estimate having over $1 million in the next few weeks. Once we are close to that mark, we will make the announcement to the media outlets on our growth that have covered us extensively in the past, including Coindesk, TechCrunch, and Decrypt.
We have a goal of reaching $20M in TVL before September, all of which is good news for exchanges. How you can help us reach this goal is by staking your tokens here: https://stake.xend.finance/# or by saving on our platform with up to 70% APY here: https://bsc.xend.finance/personal-fixed .
One thing you will see with any of the blockchain/crypto companies that launched in late 2017 and faced the downturn of 2018 is that the ones that continued to build product and add value to the ecosystem prospered during this latest bull market and continue to hold steady to this day. In the long run, we are not worried, because we are adding value and have a live product that changes people’s lives.
We realize that the blockchain/crypto space requires a multi-pronged approach to marketing and user adoption and we are doing exactly that. Even with the increased user adoption and growth in TVL, we are currently working with several marketing agencies — spending in excess of $50k a month — so that when the market corrects itself, we will be in an enviable position.
We appreciate you for being supporters of the company and mission and we hope you’re with us for this next run.
Sincerely,
Kevin Leu
Head of Marketing, Xend Finance
